TD Cowen: Controversy over stablecoin interest rate rules may drag down the progress of the CLARITY Act

The TD Cowen report points out that the controversy over stablecoin interest rate rules may lead to banks losing their advantage in the game, and opposition to consumers gaining profits is politically difficult to maintain. The report states that OCC's proposal to implement the GENIUS Act prohibits issuers from directly paying stablecoin interest, but only imposes a "rebuttable presumption" ban on indirect payments to third-party platforms. Banks are seeking additional bans, but if the game deadlock persists or affects the passage of the US Crypto Market Structure Act (CLARITY Act).